Manole Capital Management, an investment management company, focused on covering the Financial and Technology sectors, released its second quarter 2023 investor letter. A copy of the same can be downloaded here. The letter discussed the pending debt ceiling crisis, a few macro issues like the money market and stock market, household savings, the labor environment, the Fed, inflation trends, and interest rates. The majority of the letter is focused on specific Fintech and financial issues. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Manole Capital Management highlighted stocks like PacWest Bancorp (NASDAQ:PACW) in the second quarter 2023 investor letter. Headquartered in Beverly Hills, California, PacWest Bancorp (NASDAQ:PACW) is a bank holding company for Pacific Western Bank. On July 6, 2023, PacWest Bancorp (NASDAQ:PACW) stock closed at $7.98 per share. One-month return of PacWest Bancorp (NASDAQ:PACW) was -6.45%, and its shares lost 70.93% of their value over the last 52 weeks. PacWest Bancorp (NASDAQ:PACW) has a market capitalization of $959.523 million.
Manole Capital Management made the following comment about PacWest Bancorp (NASDAQ:PACW) in its second quarter 2023 investor letter:
“25 years ago, there were 13,000 financial institutions, but now there’s really only 4,000 banks left. Will we continue to see consolidation? With JP Morgan buying First Republic, the latest worry seems to PacWest Bancorp (NASDAQ:PACW). In a recent security filing, it reported that it lost 9.5% of its total deposits, with most of it happening over two days. For PacWest and other regional banks, they are fighting a two-sided battle. On one side, investors are finally demanding higher yields and the media is highlighting the risk of keeping assets at struggling banks. On the other side, short sellers are eager to identify the next possible “weak (banking) link”.”
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PacWest Bancorp (NASDAQ:PACW) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 22 hedge fund portfolios held PacWest Bancorp (NASDAQ:PACW) at the end of first quarter which was 26 in the previous quarter.
We discussed PacWest Bancorp (NASDAQ:PACW) in another article and shared Aristotle Small/Mid Cap Equity Strategy’s views on the company. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
